Westfield Capital Management Co. LP Sells 1,737,162 Shares of Permian Resources Corporation $PR

Westfield Capital Management Co. LP lessened its holdings in shares of Permian Resources Corporation (NYSE:PR) by 34.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,348,130 shares of the company’s stock after selling 1,737,162 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Permian Resources were worth $45,602,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PR. Private Advisor Group LLC boosted its stake in shares of Permian Resources by 53.7% during the 1st quarter. Private Advisor Group LLC now owns 24,527 shares of the company’s stock worth $340,000 after acquiring an additional 8,572 shares during the period. Allianz Asset Management GmbH acquired a new stake in Permian Resources during the 1st quarter valued at $143,000. HighPoint Advisor Group LLC boosted its position in Permian Resources by 5.1% during the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company’s stock worth $283,000 after purchasing an additional 986 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Permian Resources in the first quarter valued at $5,631,000. Finally, KLP Kapitalforvaltning AS increased its holdings in shares of Permian Resources by 3.1% in the first quarter. KLP Kapitalforvaltning AS now owns 124,484 shares of the company’s stock valued at $1,724,000 after purchasing an additional 3,700 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Analysts Set New Price Targets

PR has been the subject of a number of research reports. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Raymond James Financial lowered their price target on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a report on Tuesday, September 2nd. UBS Group raised their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Scotiabank initiated coverage on Permian Resources in a research report on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 target price on the stock. Finally, Wells Fargo & Company lowered their target price on Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research note on Friday, October 17th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $18.80.

Permian Resources Stock Down 1.4%

NYSE PR opened at $13.83 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. The company has a market cap of $11.47 billion, a price-to-earnings ratio of 12.68 and a beta of 1.31. The company has a 50 day moving average of $12.95 and a 200-day moving average of $13.42. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $16.33.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 EPS. On average, equities research analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be given a $0.15 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.3%. Permian Resources’s dividend payout ratio (DPR) is presently 55.05%.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 4,743 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the transaction, the executive vice president owned 107,569 shares of the company’s stock, valued at $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares of the company’s stock, valued at $1,305,467.10. This represents a 4.91% decrease in their position. The SEC filing for this sale provides additional information. 6.44% of the stock is owned by insiders.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.